«airBaltic» Group Reports 2020 Financial Results

Author: Alise Briede
Source: airBaltic.com

Due to the historical negative impact caused by the Covid-19 pandemic, airBaltic group closed 2020 with a revenue of EUR 143 million, which was 72% less than the year before. The group’s net result was negative EUR 265 million. Despite the severe travel restrictions, airBaltic carried 1.34 million passengers.

Martin Gauss, Chief Executive Officer of airBaltic: “We saw a dramatic change last year, but airBaltic’s core vision for the future remains the same – to be the number one carrier in the Baltics, providing the best connectivity to and from the region. Last year, in the wake of the crisis, we significantly reduced our cost and adjusted the business plan Destination 2025 CLEAN. We took a decision to permanently phase out Q400 and B737 aircraft and became a single aircraft type operator of the Airbus A220-300 two year ahead of the original plan.”

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“We look forward to an increase in travel demand that is now slightly showing some positive signals. We have developed several scenarios for the gradual market recovery. Our base scenario reduction is currently in line with the industry wide projections, and we are flexible to make further adjustments whenever necessary. To support our future return to profit, we will accept additional seven Airbus A220-300 aircraft in 2021,” Martin Gauss added.

Last year the airline connected Riga, Tallinn and Vilnius on a total of 76 routes, providing much-needed essential connectivity and cargo shipments for the region.

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